8. Balance Sheet
8.1. Cash and Cash Equivalents
| T€ | 2006 | 2007 |
| Cash | 65,131 | 78,991 |
| Cash equivalents | 149 | 259 |
|
Cash and cash equivalents |
65,280 | 79,250 |
Bank balances in key currencies earn
interest at floating rates between 3.0% and 6.0% (2006: between 2.0%
and 4.95%). The carrying amounts for cash and cash equivalents
correspond to their fair value.
8.2. Trade Receivables
| T€ | 2006 | 2007 |
| Trade receivables | 214,946 | 218,625 |
|
Less: Provision for doubtful accounts |
–3,024 | –4,147 |
| Trade receivables, net | 211,922 | 214,478 |
The credit risk from trade
receivables is not considered to be significant given that the total
balance comprises a large number of customers from a broad spectrum of
products and markets. In view of this, management believes that the
credit risk is represented fairly. Bad debt allowances are mainly based
on an individual assessment of credit risk.
The carrying amount of trade receivables corresponds to their fair value.
8.3. Derivative Financial Instruments
The derivative financial instruments are recognized as assets or liabilities at fair value.
| Nominal value | Fair value | |||
| T€ | 2006 | 2007 | 2006 | 2007 |
|
Financial instruments held for trading |
||||
| Interest rate swaps | 636,887 | 530,993 | 11,358 | 10,552 |
|
Forward exchange contracts |
20,000 | 0 | 591 | 0 |
| Total | 656,887 | 530,993 | 11,949 | 10,552 |
|
T€
Balance Sheet |
Carrying amount 2006 |
Carrying amount 2007 |
|
Prepayments, other assets and receivables current |
778 | 1,251 |
|
Other assets noncurrent |
11,171 | 9,301 |
|
Net receivables (from derivatives) |
11,949 | 10,552 |
Derivative financial instruments falling due in less than one year have a nominal amount of T€ 0 (2006: T€ 120,000).
Derivative financial instruments with a term of one to five years have a nominal amount of T€ 530,993 (2006: T€ 536,887).